Album sales – Cali Menteur Tue, 28 Sep 2021 03:39:24 +0000 en-US hourly 1 Album sales – Cali Menteur 32 32 2nd Circ. Says tribal agents are not immune from payday loan lawsuits Tue, 09 Mar 2021 11:35:04 +0000
By Andrew Westney (April 24, 2019, 8:49 p.m. EDT) – The Second Circuit on Wednesday rejected an offer from executives of tribal-owned loan company Plain Green LLC to evade a lawsuit claiming they were charging rates of exorbitant interest on the so-called payday loans, claiming tribal immunity did not extend to them and loan agreements meant to compel arbitration could not be enforced.

Officials at Plain Green, a loan company owned by the Chippewa Cree tribe of the Rocky Boy’s Reservation in Montana, had asked the circuit court to overturn a ruling that they had to face allegations from Vermont customers according to which they allegedly violated racketeering and consumer protection laws, claiming that the borrowers had clearly agreed to have their …

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Non-Profits Find Key Partner in St. Paul-based Sunrise Banks Tue, 09 Mar 2021 11:35:04 +0000

William Reiling and his son David took over two troubled Twin Cities banks, including one accused of discriminating against customers in poor areas three decades ago.

To turn the tide and rebuild, the Reilings turned to those clients who had been wronged – working class people and immigrants from urban neighborhoods. They also sought out nonprofits and small businesses as clients.

Today, St. Paul-based Sunrise Banks is a financial mainstay of the Twin Cities nonprofit community, helping with mortgage loans for affordable housing and working with organizations that help poor families. to find stability.

It is also growing by partnering with tech companies to offer nationwide financial products that help people repair their credit and avoid predatory payday lenders.

“My father grew up as a poor farm boy. He said, ‘Don’t fuck the little guy,’ ”Sunrise Banks CEO David Reiling said of the bank’s philosophy.

Sunrise, with $ 1 billion in assets, is one of some 100 banks nationally certified by the U.S. Treasury as a community development finance institution providing credit, investment capital and financial services in urban communities in difficulty.

He underwrites all of the mortgages for Greater Twin Cities Habitat for Humanity – nearly 100 last year alone.

“They are motivated to do the right thing,” said Robyn Bipes-Timm, vice president of loan funds and mortgages at Habitat. “It’s so refreshing.”

Sunrise also became Minnesota’s first utility company in 2015, when lawmakers created the designation for companies to signal that they can sometimes put social principles ahead of profits.

“They really and truly are community bankers who want to make the community a better place,” said Kate Barr, former banker and CEO of Propel Nonprofits, another community development financial institution. “It is an intentional part of their business strategy to serve nonprofit organizations. That says a lot. “

“They need access”

Leaders of nonprofits have said many of their low-income and bad-credit customers need better access to banking services.

One in four U.S. households is either unbanked or underbanked, often relying on check cashing, money orders and payday loans, which charge fees, according to a 2017 Federal Deposit Insurance Corporation survey. higher.

“It’s expensive to be poor,” Reiling said.

New Hope’s Eumeka Kufuor, who struggled financially in the past and doesn’t have a bank account, has used expensive money orders and prepaid credit cards to pay bills and shop for groceries for years. Then, she received help with the tax return and financial support from the non-profit Prepare + Thrive, and was able to open checking and savings accounts at Sunrise Bank in July.

“They do everything in their power to ensure that you don’t have an overdraft fee,” she said. “They allow you to regain your financial independence. “

Reiling said he saw the potential of banks to serve low-income people and urban areas earlier in his career at a Los Angeles bank in an area struggling with poverty and crime. At another bank there, he noticed that they were not serving immigrants and foreign businessmen living in the United States.

His success with these clients landed him a job in New York. But his dad called and dragged him to Minnesota instead.

While they were working on the construction of what is now known as the Sunrise Banks, they turned to immigrants. At one point, almost 40% of their customers were Hmong.

“They needed access,” Reiling said. “We have created products and services to unlock the potential of customers. “

He has also studied the alternative financial sector, including what he calls the “dastardly model” of payday lending. He saw how check cashing services and prepaid credit cards filled people’s financial gaps. He even bought a check cashing business and set it up in the bank lobby to find out more.

“It is this information and customer feedback that has been the raw material for innovation,” said Reiling.

Growth through innovation

Sunrise Banks now has six branches in Minnesota. His approach was praised by a much larger competitor, Wells Fargo, which in 2015 awarded Sunrise a national award for developing innovative products and services to help people not connected to banks.

“They’ve been really nimble,” said Anne Leland Clark, director of finance and learning at Prepare + Prosper, “and when you hear ‘bank’ you don’t think nimble.”

New Sunrise offers include a loan program called TrueConnect, which is offered by employers and allows employees to borrow and make payments on the loan through payroll deductions over time. More than 1,000 employers participate nationwide.

Joyce Norals, vice president of human resources at Lutheran Social Service, which offers TrueConnect to employees, said she was initially skeptical because of the interest rate on loans – 24.99%. But she said the employees who use it love her.

“People who make payday loans pay up to 300 to 500% interest. It’s amazing, ”said Norals. “So that seems reasonable in this context. “

In April, Sunrise added a credit building program with tech company that works like a reverse loan. It is available nationwide. People make monthly payments and receive the money at the end of the 12 month period. These payments help to increase the credit scores of borrowers.

Bipes-Timm, of Habitat, said his organization directs people to the program when they need to increase their credit to buy a home.

“In a year they qualify,” she said.

Yet Reiling acknowledges that some may still be skeptical of a for-profit bank.

“I’m going to use whatever legal structure I can to do good and do good at the same time,” he said.

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Business loan gives low-income Australians a way out of crisis Tue, 09 Mar 2021 11:35:04 +0000

As job losses and wage cuts become the new normal for Australians, the question of how to earn a sustainable income has never been more relevant.

But what are your options beyond relying on government stimulus packages or payday loans that charge sky-high fees?

Global microfinance group Grameen stepped in to offer low-income Australians another way forward: creating their own small business.

Microfinance refers to small amounts of working capital that are provided to borrowers, typically excluded by traditional lenders. These loans are backed by social guarantees, which means that each group of borrowers is collectively responsible for ensuring that their members meet their repayments.

Grameen Australia CEO Adam Mooney said Grameen used to help countries and communities emerge from the crisis and that its expansion to Australia in the coming months will aim to do just that.

“We are seeing that Jobkeeper and Jobseeker are gradually declining, so we want to be there at the right time and in the right place to be able to provide the incentives to work, but also the opportunity to work for millions of people,” he says. .

While Grameen started in Bangladesh in the 1970s, its success in reaching 130,000 women in the United States over the past decade has proven that its model of microfinance can be applied to “so-called developed countries” as well.

The idea behind Grameen’s model is that it serves as a springboard for entrepreneurs to grow their business and become self-reliant.

“We want to be an enabling financial actor rather than a permanent fixture,” says Mooney.

“The ideal scenario for every business is that it generates a sufficient return, that it can grow and does not need to keep coming back for additional loans.

Mooney says the model particularly complements the migrant and Aboriginal communities of Australia and Torres Strait Islanders who “have great skills and aspiration, but have not had that kind of investment capacity to. be able to start their own business “.

For example, Grameen’s group formation structure lends itself well to the principles of collective wealth and collective identity that are culturally familiar to Indigenous peoples.

So how does Grameen work?

With Grameen, loan amounts range from $ 5,000 to $ 10,000. The interest rate is set at around 10-12%. It just covers operational costs, says Mooney, because Grameen is a non-profit organization and makes no return on investment.

But Grameen is not just another financing option. Her model also involves ongoing support through peer groups, where entrepreneurs come together in groups of five and discuss their aspirations, strengths, and business development plans.

From there, Grameen “offers mentoring, partnership, training and capacity building, as determined not by Grameen but by the groups or entrepreneurs themselves,” Mooney explains.

In addition, there is a savings component where entrepreneurs are encouraged to set aside part of their income – 15-20% of the repayments they agree to make.

“If someone commits to $ 100 [per week or fortnight], $ 80 of that could be used to pay off their loan and $ 20 of that could go into a savings vehicle, ”says Mooney.

Participants can park this money in any savings account they would love to, but they are encouraged by group conversations to keep it as a emergency fund.

“That way, not only is the loan paid off, but they will also have $ 1,000 or $ 2,000 in savings that can act as a resilience buffer in the event of an unexpected shock to the business,” says Mooney.

Am I eligible?

Unlike the traditional business loan, you will not be subject to any credit checks. Instead, “it’s more of a demographic,” says Mooney.

Grameen primarily targets women from low-income backgrounds. They may be unemployed or underemployed for some time, or have been made redundant due to job loss, but wish to resume economic activity. They have a skill or a strength that they wish to develop in a business enterprise and they agree to participate in the formation of the peer group.

Looking for other ways to finance your new business? Read our article on business loans for startups.

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How can banks bring business credit and lending services into the 21st century? Tue, 09 Mar 2021 11:35:04 +0000

The history of credit and business lending dates back to Mesopotamia when the very first payday loans were used by farmers and the Hammurabi code defined how interest charged on cash loans was to be regulated.

More recently, technologies, including online lending, have been as transformative as those first laws carved on clay tablets. Yet despite everything, the processes behind credit and loan services are far from perfect.

In a recent survey of 340 UK businesses that use credit and lending services, when asked what the main improvements are, they cited quick decision-making, mobile and online support and transparent risk management.

In the age of fintech Whiz bang, is it really too much to ask?

The research also found that speed of decision making is the second most important reason, behind the availability of business cards and services, for choosing a provider in the first place.

So how do you improve the processes? First, real-time automated decision-making must become the norm – harnessing the power of AI. Second, banks need to incorporate a variety of other data sources, not just annual financial data, when making lending decisions. This will contribute to more reliable decision-making and fewer controls involving human judgment, which can lead to delays.

Loans and risk balancing are essential to improving the customer experience throughout the credit decision process. If banks build in a more advanced capability to take advantage of the wealth of data available on existing and potential customers, coupled with much faster processing speeds, they will be able to apply more advanced algorithms and rules to decision making. All core loan products now have automated credit rule calculations and AI and machine learning can be applied to give a higher level of confidence in a loan decision, as well as improved efficiency and reliability. lower execution cost. This can reduce potential defaults and speed up the lending process, bringing valuable assets onto the balance sheet at a much faster rate.

In terms of transparency in risk management, the credit decision is at the heart of a financial institution and all rules, algorithms and automated decisions must be fully auditable. Fortunately, it is now possible to integrate a transparency check into the credit decision process using a transparency ‘switch’ so that you can clearly expose and understand what is going on behind the linked AI. to any credit decision. This concept and approach will become the standard not only for credit decision making, but also for any AI or machine learning process in various industries. Humans must be able to clearly justify credit decisions to customers and regulators… like any machine!

What else is on the horizon for the industry? Some anticipated credit and lending trends that were highlighted in the aforementioned research were more decisions based on a detailed financial history, an increase in tailor-made and personalized products, and a greater choice of lenders. While retail banking customers have been waiting for tailor-made services for some time, this expectation is evident in the business environment.

Financial services organizations operating in credit and lending are only scratching the surface of AI and machine learning capabilities, which is understandable given the technology’s relative infancy. However, as these businesses become more familiar with the new tools, we should see changes on an exponential scale, with a much more tailored and responsive offering delivered at a rapid pace that businesses need to operate in our. digital world. While maintaining the levels of transparency required to maintain and build trust. The credit system has hardly changed since Hammurabi and his comrades designed it. Finally, an upheaval could be at the rendezvous.

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The government is finally cracking down on legal usurers Tue, 09 Mar 2021 11:35:04 +0000

The Consumer Financial Protection Bureau, at a field hearing yesterday in Richmond, Virginia, explained how to deal with one of the nation’s most abusive industries: predatory consumer credit.

The transformation is still in its early stages. CFPB described it as the announcement of a review of a proposal for payday, installment and auto title loans. If the agency finishes its job – and if they are successful, which is an open question at this point – lenders may no longer be able to trap consumers in a cycle of debt. But we should ask ourselves why so many Americans have to resort to 21st The usurpation of the century loan.

Related: The Middle Class Is Struggling In All 50 States

There are more payday loan points than McDonald’s and Starbucks combined, and over 12 million Americans use their services every year. This relatively new form of consumer credit can be described as a debt tornado. Borrowers take out a loan without asking questions and give the lender either a post-dated check, electronic access to their bank account, or the right to take their vehicle (in an auto title loan) for collection. At this point, it doesn’t matter whether the borrower repays the loan or not, as long as the lender can keep them in debt and extract the charges.

Lenders typically charge between $ 10 and $ 20 in fees per $ 100 borrowed for each two-week pay period. If the borrower cannot repay the loan, the lender renews it, thereby generating more income. CFPB 2013 study on payday loans found that more than two-thirds of borrowers had taken out seven or more loans per year. In most cases, new loans are made on the same day the previous loans were closed. The average borrower remains in debt 200 days a year.

Immediate access to bank accounts ensures that lenders get their investment back, even if it totally drains borrower funds and incurs overdraft fees. The auto title loan is even worse: borrowers put a car they own without debt as collateral, at the risk of losing their only means of transport.

By the time most borrowers escape the tornado, they will have paid more in fees than the original loan balance, not to mention damage to their credit rating or loss of their car. This has allowed payday lenders, often capitalized by Wall Street banks, to become huge publicly traded companies with huge profits.

Related: Why Your Credit Score Is The Most Important Number In Your Life

Under the Dodd-Frank Act of 2010, the CFPB will oversee this industry at the federal level for the first time, although the law does not allow it to cap interest rates. After three years of study, the office issued a set of proposals yesterday and invited comments.

The proposals fall into two distinct categories: prevention and protection. Prevention incorporates the new idea of ​​requiring the lender to ensure, through third party financial records, that the borrower can actually repay the loan without default or re-borrowing. Since the payday lender’s best client is someone who lacks the ability to repay – a borrower who must continually renew loans and accumulate fees – this proposal would attack the current business model. But CFPB has added an alternative protection method with no repayment capacity requirement. “Lenders could choose which set of requirements to follow,” CFPB director Richard Cordray said in Richmond.

For short-term loans of less than 45 days, lenders would be allowed to offer an initial loan and two rollovers, followed by a 60-day cooling off period. They should provide an affordable way out of debt, either through a decrease in principal or an interest-free “exit ramp” to complete payments. For loans over 45 days, CFPB is considering two protection approaches. One would limit lenders to the same consumer loan terms as the National Credit Union Association. The other would limit monthly payments to less than 5% of the borrower’s income.

There are other ideas in the proposal, including requiring borrowers to be notified before their bank accounts are raided and placing a limit on unsuccessful withdrawal attempts that result in bank account fees. But the hybrid prevention / protection approach concerns almost all consumer advocates. Michael Calhoun of the Center for Responsible Lending explained on a conference call that the protection rules would allow payday lenders to grant borrowers six short-term, low-value loans per year, creating enough fees in some states to that the borrower owes $ 1,250 on an initial loan of $ 500. “It’s a better place to be safe than trying to fix what’s already broken,” Calhoun said.

Related: How Wall Street Is Fighting To Scam Your Retirement Money

The CFPB has had no problem imposing a repayment capacity standard for mortgages, and these consumer groups want it to do the same for low-value consumer loans. The protective alternative would not prohibit lump sum payments at the end of a loan, which “devastates borrowers,” said Nick Bourke, whose organization, the Pew Charitable Trusts, released a full report auto title lending report this week. “The CFPB should require that all loans have affordable payments. “

On a conference call, White House press secretary Josh Earnest evaded whether President Obama supported a full capacity to pay requirement. “We would see the rules as a foundation upon which states could build,” Earnest said. But at the state level, lenders are often one step ahead of regulators. For example, in Ohio, although the legislature banned payday lending and voters backed it in a ballot by a 2-1 margin, lenders returned to state by re-qualifying as mortgage lenders. It is essential to bring increased resources and enforcement capacity to the federal level, but the gaps that advocates have involved would detract from this.

While regulation in the low dollar credit Wild West is urgently needed, we also need to reflect on the root causes that explain why so many Americans are in perpetual need of a few hundred dollars more. The vast majority of payday loan and auto title consumers use the money for daily expenses, not emergencies. This rolling desperation pushes them towards predatory financiers. That much of this activity is happening in communities of color should only redouble our efforts to put it out. No one who works full time really should have to deal with high cost predatory loans just to pay all the bills. An increase in wages would accelerate their uselessness, as would a stronger safety net of transfer programs to fill in the gaps.

Related: Risky New Mortgage Rules Could Take Us Back to 2008

If that doesn’t work, there is always competition. “We need viable options and alternatives for our communities,” said Wade Henderson, president and CEO of The Leadership Conference on Civil and Human Rights. Some options are Already availablesuch as loans from credit unions or cash advances on credit cards, both of which are much cheaper than payday loans.

But Henderson pointed out a proposal from the Inspector General of Postal Services of the United States, for the Post to offer fully underwritten and lower cost small dollar loans. If the public has an interest in eliminating predatory lending and giving people a fairer chance, then there is good reason to support a public option, which simultaneously benefits the Postal Service and low-income Americans, in addition to the regulations.

Essentially, the payday loan predators are fulfilling a role the government should play, and they have no interest – financial or moral – in being nice about it. If full-time workers need extra help, it’s not just a problem for regulators, it’s a problem for all of us.

Top Reads from the Fiscal Times:

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PayActiv streamlines access to earned wages with Fiserv digital payment technology Tue, 09 Mar 2021 11:35:04 +0000

BROOKFIELD, Wisconsin – () –Fiserv, Inc. (NASDAQ: FISV), a leading global provider of payment technology and financial services solutions, today announced that PayActiv will improve the financial well-being of employees by streamlining access to wages earned through the capabilities of Fiserv money movement.

PayActiv’s mission is to bring safety, dignity and savings to American workers. It enables companies to provide employees with a comprehensive financial well-being solution that includes real-time access to up to half of their earned salary before they receive their paycheck, helping workers alleviate financial stress by avoiding payday loans, overdraft fees and late fees. The company processed more than $ 1 billion in earned wage access for workers nationwide in 2018.

Harris Poll’s Consumer Trends, Expectations and Experiences survey on behalf of Fiserv found that 30% of consumers see money management as a burden and 38% of consumers – and half of consumers see money management as a burden. millennials – say it would be difficult or impossible to pay off a $ 500 loan today.

“Many people live from paycheck to paycheck, and any kind of urgent or unexpected financial need can cause them significant stress that interferes with their daily lives,” said Safwan Shah, CEO of PayActiv. “PayActiv can take this stress out by providing a convenient way for people to access the money they have already earned.”

Access to timely pay meets the needs of every worker, including pay-as-you-go and hourly workers, who can significantly benefit from the ability to move money when and where it’s needed, even at 3 a.m.

“With the rise of the odd-job economy and new ways of working, people increasingly expect to be able to access their pay immediately,” said Tom Allanson, President, Electronic Payments, Fiserv. “PayActiv enables employers to meet this expectation.

PayActiv uses Fiserv digital disbursements* to allow users to transfer money in real time to a US current or savings account via a direct push to their card account. While users have always been able to send money to bank accounts, the process can take a few days. Now, with a connection to Visa Direct via digital disbursements, users can transfer money to their bank accounts in near real time, typically within minutes.

PayActiv users can transfer funds directly to a bank account or prepaid card, pay unlimited bills online, or withdraw money from a Walmart store. The PayActiv app also includes access to financial counseling, literacy, and a savings tool that encourages long-term financial well-being.

Access to earned wages can distinguish an employer in competitive employment environments, and business owners benefit from more self-reliant and productive workers, as well as increased retention.

“We can serve a company with five employees or 2 million employees,” Shah said. “The majority of Americans are employed by small businesses, so it’s important for us to be able to reach the entire market.”

PayActiv was confident in choosing Fiserv as they knew Fiserv could handle their current volume and scale as PayActiv grows.

PayActiv is offered by employers as a benefit to employees. Nearly 500 companies in various industries, including healthcare, retail and hospitality, offer PayActiv. Although the service is available to all employees, use of the service is voluntary, with 30 to 40 percent of an employer’s eligible users typically using the service.

In a world that is changing faster than ever, Fiserv helps clients deliver solutions that fit the way people live and work today – financial services at the pace of life. Learn more about

* Digital disbursement services are provided by or through CheckFreePay Corporation (NMLS ID # 908760), a licensed money issuer, and / or its subsidiary CheckFreePay Corporation of New York, which is licensed and regulated as an issuer of money by the New York State Department. Financial Services, each a wholly owned subsidiary of Fiserv, Inc.

About PayActiv Inc.

PayActiv’s mission is to bring safety, dignity and savings to low-income workers through an award-winning holistic financial wellness platform that gives employees on-demand access to earned but unpaid wages. Companies partnering with PayActiv see significant cost reductions through increased recruitment, engagement and retention. Employees love PayActiv because it eliminates the costly fees between payday loan paychecks, bank overdrafts and late fees. PayActiv also offers a suite of financial services including savings and budgeting tools, bill paying, and financial health measurement. PayActiv has won the Best in Class award in FinTech and HRTech and is Walmart’s Earned Payroll Service Provider. PayActiv documentary film It’s time examines the wage schedule and its correlation with the epidemic financial stress experienced by millions of American workers.

About Fiserv

Fiserv, Inc. (NASDAQ: FISV) aspires to move money and information in a way that moves the world. As a global leader in payments and fintech, the company helps clients achieve the best results through a commitment to innovation and excellence in areas such as account processing and digital banking solutions; card issuers processing and network services; Payments; e-commerce; acquisition and processing of traders; and the Clover ™ cloud-based point of sale solution. Fiserv is a member of the S&P 500® Index and FORTUNE® 500, and is one of FORTUNE Magazine’s World’s Most Admired Companies®. Visit and follow on social networks for more information and the latest company news.


]]> 0 Employers begin to embrace early access to wages Tue, 09 Mar 2021 11:35:04 +0000

There is a new standard in the world of work: a young generation of professionals who value flexibility and technology. Giving birth to the odd-job economy and a new face of self-employment, these professionals are also changing the way employers work, including the way they pay these workers.

In the latest analysis of PYMNTS, Payroll advances: the new norm in the gig economy, a collaboration with Mastercard, research reveals some of the most dramatic impacts the gig economy has had on payrolls.

The ability to access salary advances can be essential for gig workers who often live paycheck to paycheck. According to PYMNTS research, nearly 44% of gig workers in the United States have received full or partial prepayment for their services – and are also willing to pay a fee for that prepayment.

Last year, employers made $ 236 billion in advances to their employees, the report found, with the market expecting the number to continue to rise.

It’s possible that this trend will spill over into the traditional workforce as well, as more FinTechs introduce ways for full-time and part-time employees to receive a portion of their paychecks before the day. payroll. According to PYMNTS analysis, $ 245.1 billion in wages could be paid in advance to unskilled workers – if that option were more readily available.

Driving the possible end of the two-week payroll cycle, these solutions support the financial well-being and strong cash flow of employees, while promoting talent retention for employers.

Employers are getting started

FinTech solutions are emerging to promote this trend.

Walmart signed an agreement with Even in 2017 to provide real-time access to salaries for retailer employees, while last year payroll company ADP announcement DailyPay, a new solution allowing its merchant customers to access the salaries earned daily via the ADP Marketplace, two initiatives demonstrating the interest of companies in offering such an incentive to their staff.

And earlier this year, Visa and PayActiv partnered on a solution that allows employers to access earned wages in real time, noting in their announcement of the collaboration that “the demand for instant access to earned wages has grown. now extended to batch pay “.

“This is not a loan,” said Cecilia Frew, senior vice president of Visa Direct and responsible for North America, in a later article. interview with Karen Webster. “It is money owed to the worker that he chooses whether he wants to access it early or not.”

This is a critical distinction given the growing controversy over predators payday loans.

Employer risk

As FinTechs and payment technology companies explore ways to use technology to connect employees to their on-demand paycheck – often with the goal of helping workers avoid the sometimes damaging trap of payday lending – these solutions can also help employers avoid equally dangerous risks.

A recent report in the Associated press warned of the dangers of employees providing loans to their employees in order to promote cash strength and loyalty among their staff.

“Many small business owners lend money to employees who run out of money before payday or have unforeseen expenses or crises,” the publication writes. “The risk that the bosses face is not being reimbursed.”

According to reports, current labor laws make it very difficult for employers to recover the funds they have loaned to employees.

The AP reported business owner Matthew Ross, co-owner of the Slumber Yard mattress review site, who agreed to give an employee a $ 15,000 loan to buy a new car, and another loan. of $ 10,000 for a down payment on a condo. Both agreements were interest-free, with employee borrowers making their payments from their future paychecks.

“It’s a big financial risk for my business partner and I, but we believe that keeping our people is one of the best things we can do for the overall health of the business,” Ross told the publication.

Still, reports stressed the importance of developing written agreements with employees to ensure everyone understands what scenarios may make them eligible for such a loan, as well as repayment plans.

Insperity consultant Rick Gibbs told the AP that tapping into other financial resources can help employers promote the financial well-being and satisfaction of their staff without taking the risks themselves.

As FinTech solutions explore how to connect gig workers and other professionals to parts of their paychecks before payday, the industry will certainly continue to explore new methods to provide employees with affordable and affordable financing. fair who uses future paychecks in their repayment plans – both to help employees avoid the threat of predatory payday loans and to help employers avoid the risk of default.



On: Eighty percent of consumers want to use non-traditional payment options like self-service, but only 35 percent were able to use them for their most recent purchases. Today’s Self-Service Shopping Journey, a PYMNTS and Toshiba Collaboration, analyzes more than 2,500 responses to find out how merchants can address availability and perception issues to meet demand for self-service kiosks.

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Automated Payments Can Free Consumers From Check Cashing Fees | Payments Source Tue, 09 Mar 2021 11:35:04 +0000

The digitization of payments can generate savings in several ways. It can make it possible to buy online at better prices and through loyalty programs and merchant discounts.

Perhaps the most obvious source of financial benefits from digital payments, however, is the cost to check-cashing businesses, which can get expensive.

April is Financial Capability Month in the United States, and when we talk about affordability, we generally focus on two things: educating financially underserved people to become more savvy consumers of financial services, and finding opportunities. ways to help them connect to better financial services.

Certainly, financial access and knowledge are essential for financial capacity. But another obstacle on the road to financial health – obvious but more difficult to overcome – is simply the lack of money in their pockets, let alone their bank accounts. To build long-term financial security, they need to keep every penny they can. And any comprehensive financial capability program should help find ways to help people do that.

You’ve probably heard the old adage, “poor man pays twice”.

It’s an ongoing problem for the 33 million households in the United States that are either unbanked or underbanked, according to the 2017 FDIC survey. These Americans are much more likely to use alternative non-bank financing services such as payday loans, auto title loans, and check cashing services, which can be expensive compared to traditional financial services.

Check cashing services, for example, typically cost 2% to 3% of the check amount, or about $ 15 to $ 23 to cash the average check for additional security income of $ 770. According to FISCA, the check-cashing business group, its industry collects $ 58.3 billion in checks each year. With a 2% fee, that would represent $ 1 billion in check-cashing fees per year – a billion dollars that financially underserved Americans pay just to have access to their money.

In the usual discussions of financial capability, it often seems to be assumed that financially underserved people turn to these expensive products because they do not have access to banks or do not understand the nature of these products. The implication is that improving one or both, access or understanding, will drastically reduce the need for these products.

But that’s not the whole story. If people don’t have the funds to meet an urgent need before the next payday, they might not have a better option than a short-term payday loan, for example. Financial education and access cannot change this reality; this is largely due to a lack of funds. Putting – or just keeping – more money in the pockets of underserved people could help, however. And any comprehensive approach to financial capability must address this issue.

One way to help underserved people keep more of their money is to digitize government and employer payments. Using digital payments offers significant savings over check cashing. Public sector payroll cards and prepaid cards issued for depositing government benefits are two of the most well-known examples.

In the area of ​​government benefits, the most prominent of these programs is the US Treasury Department’s Direct Express prepaid card program, issued by Comerica Bank and under the Mastercard brand. The vast majority of cardholders in the program are unbanked. Each month, millions of Americans receive Social Security, Veterans’ Benefits, and other government payments loaded directly onto these cards.

The federal government loves this approach, and it’s no wonder: it saves American taxpayers millions of dollars each month, compared to distributing paper checks. And for recipients, it addresses both access and education by providing a prepaid debit card that works just like the cards many of us take for granted and includes a financial literacy program with an extensive curriculum. , offered free of charge to all cardholders.

But the best benefit for recipients is that they can access their funds on the card for free to make purchases or pay bills in person, online or over the phone, and withdraw money – again, for free – at virtually any bank branch. nationwide or to tens of thousands of networked ATMs. Prepaid card and payroll card programs like these can help cardholders save money regardless of the brand of card.

Developing initiatives that use digital financial solutions to not only provide better access and better financial literacy, but also to help people avoid these high fees, will dramatically improve the financial capability of Americans on the fringes of the formal financial system.

The powerful integration of the three drivers (access, advice, and savings) more clearly emphasizes discussions of financial capabilities over the well-being of underserved people in America.

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Elevate Credit Third Quarter Results Release Available on Its Investor Relations Website Tue, 09 Mar 2021 11:35:04 +0000

FORT WORTH, Texas – () – Elevate Credit, Inc. (“Elevate”), a leading technology provider of innovative and responsible online lending solutions for unprivileged consumers, today announced its financial results for the third quarter of 2020. Elevate released its post for the third quarter. on its Investor Relations webpage at

Conference call

The Company will hold a conference call to discuss its third quarter financial results on Monday, November 9 at 4:00 p.m. Central time / 5:00 p.m. Eastern time. Interested parties can access the live conference call by telephone by dialing 1-855-327-6837 (national) or 1-631-891-4304 (international) and requesting the third quarter results conference call. 2020 Elevate Credit. Participants are requested to dial the number a few minutes before the call to register for the event. The conference call will also be webcast live on Elevate’s website at

An audio replay of the conference call will be available approximately three hours after the conference call until 11:59 p.m. ET on November 23, 2020, and can be viewed by dialing 1-844-512-2921 (domestic) or 1-412 – 317-6671 (international) and providing access code 10011467, or accessing the Elevate website.

About the elevation

Elevate (NYSE: ELVT), in conjunction with the banks that license its marketing and technology services, has to date granted $ 8.5 billion in unsuitable credit to more than 2.5 million non-privileged consumers. privileged customers and has saved its clients over $ 7.3 billion in payday loan costs. Its responsible and technological online lending solutions provide immediate relief to today’s customers and help them build a brighter financial future. The company is committed to rewarding borrowers for good financial behavior with features like interest rates that may drop over time, free financial education, and free credit monitoring. Elevate’s suite of revolutionary credit brands include RISE, Elastic, and Today Card. For more information, please visit

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Elevate Credit’s Fourth Quarter and Fiscal 2020 Results Release Available on Its Investor Relations Website Tue, 09 Mar 2021 11:35:04 +0000

FORT WORTH, Texas – () – Elevate Credit, Inc. (“Elevate”), a leading technology provider of innovative and responsible online lending solutions for unprivileged consumers, today announced its financial results for the fourth quarter and l year 2020. Elevate posted its post on its Investor Relations webpage at

Conference call

The Company will hold a conference call to discuss its third quarter financial results on Monday, February 8 at 4:00 p.m. Central Time / 5:00 p.m. Eastern Time. Interested parties can access the live conference call over the phone by dialing 1-877-407-0792 (national) or 1-201-689-8263 (international) and requesting the fourth quarter results conference call. and the Year 2020 of Elevate Credit. Participants are requested to dial the number a few minutes before the call to register for the event. The conference call will also be webcast live on Elevate’s website at

An audio replay of the conference call will be available approximately three hours after the conference call until 11:59 p.m. ET on February 22, 2021, and can be viewed by dialing 1-844-512-2921 (domestic) or 1-412 – 317-6671 (international) and providing the passcode 13715014, or accessing the Elevate website.

About the elevation

Elevate (NYSE: ELVT) provides online lending solutions to consumers and banks in the United States who are not well served by traditional banking products and who are looking for alternatives to payday loans, title loans, pledges and installment loans in the window. Elevate and the banks that leverage its marketing expertise and license its technology services, have provided $ 8.8 billion in unprivileged credit to more than 2.5 million unprivileged consumers and enabled its customers save over $ 7.9 billion over the cost of payday loans. . Its responsible and technological online lending solutions provide immediate relief to today’s customers and help them build a brighter financial future. The company is committed to rewarding borrowers for good financial behavior with features such as interest rates that may decline over time, free financial education, and free credit monitoring. Elevate’s suite of revolutionary credit brands include RISE, Elastic, and Today Card. For more information, please visit

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